The invention discloses a power spectrum estimation method based on an odd number movement smoothing algorithm. The power spectrum estimation method mainly solves the problem of imprecise estimation of power spectrum of a satellite navigation signal when the signal is affected by Gaussian white noise, and comprises the specific steps of: (1) acquiring a baseband satellite navigation signal; (2) estimating a power spectrum of the satellite navigation signal; (3) performing movement smoothing treatment on a power spectrum amplitude value; (4) calculating an ideal power spectrum amplitude value;(5) calculating a correlation value; (6) determining a movement smoothing length; (7) and determining a power spectrum of an actually measured satellite navigation signal. The power spectrum estimation method performs smoothing treatment on a Welch power spectrum estimation result by adopting the odd number movement smoothing algorithm, so as to obtain smooth power spectrum estimation. The power spectrum estimation method adopts a Welch power spectrum estimation method with determined parameters, reduces the complexity of the power spectrum estimation method, and meets the requirement for power spectrum estimation precision under the condition of a Gaussian white noise channel.